What Is a Value Proposition?
In the simplest form, it answers why a potential client should choose your firm over others in the market.
You can break it down into three parts:
- First, what do you offer? Bankruptcy services.
- Second, for whom do you offer it? Do you serve individuals? Corporations? Both?
- Lastly, and most importantly, what differentiates you?
In every new call with a potential client, you discuss the value you bring and potentially explain why you do things differently or better than others. It could be the price. It could be a service. It could be expertise. It could be that you have a special way to help the client through the process. It's what makes your bankruptcy firm yours.
As a bankruptcy lawyer, you are serving your clients in a time of great need. When they choose a firm to work with, they will want to know precisely what you can provide them.
A client-focused value proposition helps potential clients find and hire the right bankruptcy lawyer based on their needs and expectations.
Identifying and conveying what makes a law firm or attorney different can be challenging. Indeed, in the 2020 Altman Weil Inc. Law Firms in Transition Survey, only 55% of law firm leaders reported that they think their firm is “clearly and specifically differentiated.” In a competitive market like bankruptcy law, projecting a distinct and compelling value is imperative to distinguish yourself from other similar firms.
Doing so helps potential clients tell the difference between firms and select the one that makes the client feel like they have found the right one.
How to Create a Bankruptcy Law Value Proposition
A value proposition begins with creating a list of the practice’s, firm’s, or individual attorney’s unique characteristics and offerings. This means thinking hard about the true value clients receive from your services.
In addition, bankruptcy law attorneys can utilize other sources for information about their value proposition. These sources include:
Client Feedback
Use existing notes and communications from current, former, and potential clients to identify areas where you excel. You can also solicit feedback from these clients through surveys and interviews. Use online sources, such as reviews, Google Alerts, analytics, and social media listening to gain perspective about what interests clients. Learn more in "3 Proven Ways to Gain Client Feedback."
In addition, when you log into Scorpion, you'll get to see Sentiment Analysis about your reviews. This breaks down what your clients are saying about you online into positive groupings. These groupings enable you to gauge people's perceptions of your services. Understanding this is important.
Competitive Analysis
Reviewing your competitors’ websites, social media, and other materials will provide insight into their services and priorities. Compare and contrast their digital marketing and social media marketing approaches with yours to help you identify what sets you apart—that’s your value.
A value proposition to a prospective client should accomplish the following:
- Convince clients that you are the right solution to their problem
- Directly address specific and potential client needs
- Provide enough information to get clients interested in learning more by contacting you
- Relate your empathy
- Include evidence of your successes
- Highlight your unique qualities
- Build credibility
Propositions for bankruptcy attorney marketing can include:
- Messaging that demonstrates an understanding of the emotional and financial concerns associated with bankruptcy.
- Statistics on the number of filings you handled over a period of time, the types of clients you represent, or specific outcomes.
- An offer of a free marketing consultation.
- Communication on your affordability compared to competitors or your willingness to arrange payment plans.
- Statements about your accessibility, including offers to meet virtually.
- Your prioritization of responsiveness, with a commitment that you and your staff have to respond quickly.
- Information about how you use technology to expedite filings, communicate, and be organized.
- Demonstration of your knowledge in the bankruptcy field.
- Evidence of your contributions to the advancement of bankruptcy law through precedent-setting cases or authoring legislation.
- Statements regarding the commitment to transparency and honesty of your bankruptcy law firm.
- Information about the size of the firm and other legal services available that the client can benefit from, such as estate planning.
- Information about your longevity in the community.
- Details regarding your commitment to diversity, especially through hiring and promoting female and BIPOC attorneys and staff.
- Examples of your commitment to the community by highlighting your support of local and charitable organizations.
- Examples of the firm acting responsibly with its financial support of organizations that promote things like the environment or ethical business behavior.
After this exercise, you should have a list of adjectives and services. These are your value propositions, and they lay the groundwork for the rest of your law firm marketing strategy.
How to Use a Bankruptcy Law Value Proposition
Once you have your value proposition(s) identified, there are many ways to put them to use in marketing your bankruptcy law services. Review your legal marketing plan to ensure your value proposition is effectively communicated through your legal marketing activities. (If you don’t have one yet, the work you just did in identifying your value proposition gets you nearly there!)
There are many ways to use your bankruptcy law value proposition throughout your content and law firm website:
- Consider creating a catchy tagline that incorporates your main value proposition, and then use it on your website's homepage and all your marketing materials.
- Simply list one or several of your value propositions on the website, in brochures, and on social media profiles. Be sure they are incorporated into professional bios and practice area descriptions.
- Create website pages or sections that showcase the value propositions. For example, have a box highlighting relevant statistics on the home page or add a page for client testimonials, awards, or client successes.
- Use blogs, videos, or write articles to be published by other outlets to showcase your knowledge and expertise in bankruptcy law. The same tactics can also be ways to communicate about your firm’s community contributions.
- If you advertise your bankruptcy law services, your value proposition should be prominently featured in your ads.
Value propositions make it easy for potential clients to notice you. The more unique, detailed, and focused on client service your value proposition is, the more it will stand out. Individuals going through bankruptcy often experience a range of emotions, from confusion to fear. Quickly and succinctly let them know that you will support and guide them, so their decision to hire a bankruptcy lawyer can be made without hesitation.
Bankruptcy firms have relied on Scorpion to help market their practices for more than 20 years. Contact us to learn how we can help you.
